Business Formation Documents Required in NJ

In New Jersey, the following documents are typically required to form a business:

Articles of Incorporation: This document establishes the basic information about the corporation, such as the company's name, purpose, and the number and classes of shares it is authorized to issue.

Registered Agent: A registered agent is a person or business entity that is designated to receive legal documents on behalf of the corporation.

Business License: A business license is required for most businesses operating in New Jersey.

Employer Identification Number (EIN): This is a federal tax identification number that is required for businesses that have employees or will be required to file certain business tax returns.

Operating Agreement or By-laws: This document outlines the rules and regulations for the corporation's internal management and governance.

Sales Tax Permit: If the business will be selling tangible goods, it will need to obtain a sales tax permit from the New Jersey Division of Taxation.

Zoning and land use permits: Depending on the nature of the business and its location, it may be necessary to obtain zoning and land use permits.

It is important to note that the specific documents required may vary depending on the type of business, such as sole proprietorship, partnership, LLC, S-Corp or Corp, and the exact location of the business. It is always best to consult with a business attorney for specific guidance.

Is Your Brand Consistent?

 

Often in business, we have so many great ideas and different avenues we want to walk down and that’s great! As entrepreneurs, it’s necessary to be ready to grow, to thrive, to reach for more. The pitfall is how easy it is to allow your business to be inconsistent, often in the way, it’s branded.

 

What is consistency in a brand? A prime example, if you see a rounded, yellow, ‘M’ what is the first thing that comes to mind? Yes, McDonald’s. How about a cherry red target? Target, of course. Not to mention the famous Nike ‘swoop’. You see the image and instantly know the name with nothing else needed. We recognize these symbols immediately! They’re a few of the biggest brands in the world, and they got that way by staying consistent with their brand. You know what to expect when you get something from them, and you can immediately identify them on sight. By using consistent colors, fonts, and one specific message to get across their businesses have stood the test of time.

 

Consistency does not mean that all your advertising should be the same. Especially with the constant wave and trends of social media, there are countless ways to share your message and showcase your brand. However, it should look like it’s coming from the same company. We do this by knowing the message and values of the company. Are you fun, innovative, serious, traditional, or modern? An eco-conscious brand would be different from real estate, or a pet food retailer. Have a palette of colors that identify with who you are. A great tip is to look up how colors make you feel. Certain shades of blue are calming and tranquil. Red can be powerful, alerting and energizing. When you know the message and tone of your brand, the colors simply allow that to shine through!

 

By visually identifying your brand consistently people will begin to recognize you, refer you to others and your business will certainly grow!

 

What is a dba or "doing business as" filing?

 

A Doing Business As (DBA) filing is the official way of registering a business name with either a state or a local jurisdiction (such as a county). Often a DBA name is commonly referred to as an assumed name, trade name or fictitious business name.

Why a DBA is important – DBAs allow general partnerships and sole proprietorships to conduct business under a name other than the owner's or owners' personal name(s). For Corporations, Limited Liability Companies (LLCs), Limited Liability Partnerships (LLPs), Limited Partnerships (LPs) as well as Nonprofit Corporations, filing a DBA allows them to transact business using a name other than the official company name that is included in the incorporation documents.

Once the DBA filing is filed, the business can use the name as its official business name and:

1. ·        Open a business bank account.
2. ·        Create stationery or business cards.
3. ·        Develop advertisements and/or list the company in directories.
4. ·        Undertake transactions on behalf of the company.

Choosing the Right Registered Agent Service for Your Business

 

These companies specialize in the business formation process and will offer registered agent services to LLCs, corporations, and other business entities that are required to have a registered agent.

They can add value to startups by providing online access to service of process and providing tools to assist with the ongoing compliance requirements LLCs and corporations face with prices ranging from approximately $40 a year to $300 or more.

Consider the following guidelines when choosing a registered agent service:

• Always be available during business hours to ensure that they’re able to receive important, hand-delivered documents.
• Make sure the staff are professionally trained experts who can also properly handle all service of process papers.
• Be able to deliver crucial documents to you as needed.
• Be located with a physical office address in the states in which you currently operate and plan to do business.

If you need to register your company in multiple states, then you should look at national registered agent services.

If you only do business in one or two states, then you should look at less expensive agent services within those states.

Determine how much mail you think you will receive. Expect to receive extra marketing mail in the beginning if starting a new business. Existing small businesses normally do not receive much mail unless doing something out of the ordinary.

Check if your annual fee includes free mail forwarding. Some agents offer unlimited First-Class Mail forwarding (and probably charge $150 or more), while others include very limited mail forwarding for free. Some agents may charge you on a per-use basis. Make sure to find out how much it costs to forward the mail.

Some agent services allow you to use their address as your business address, while others may not. Get more information if this is a requirement.

Key Points to Remember 

For LLCs and corporations, a registered agent service is essential to maintaining good standing and keep your business running without encountering compliance issues.

Compliance requirements can be both time and labor intensive, often requiring the completion of lengthy and sometimes confusing forms using information from various sources. By using a registered agent service for your business, you will be confident that you can avoid risk of non-compliance so you can avoid penalties and fees by the state as well as save time to run your business. 

A registered agent service also provides many benefits of privacy, convenience, and staying on top of all legal and government documentation in a timely manner for your business.

9 Reasons to Use A "Registered Agent" Service For Your Business

A commercial registered agent is a company that specializes in receiving Service of Process on behalf of businesses nationwide. They will receive Service of Process on behalf of your company and then forward it to you by mail at any address you’d like. Most of these companies will also fax or email your documents if preferred. 

By using a commercial registered agent service, you have the assurance that there will always be someone available during standard business hours at the registered address to take delivery of notices and other documents. 

The registered agent service will promptly forward notices and other documents received to you in a timely manner. 

For some startup owners, it is well worth the fee to not have to track the official notices and annual report due dates with the state. Also, all your important documents will be kept in one place and you don’t have to bother keeping track of notices. 

When considering a registered agent below are some situations for which using a registered agent service provider may be the best choice:

1) You don't have a physical location with the business you’re forming. It is legally required to have a registered agent with a physical address in the state of formation. A PO box is not an acceptable physical address. By using a professional registered agent provider with an office in the state will satisfy this requirement.

2) You have a PO box or a private mailbox as your only address. You cannot use that as your registered office. The registered office must have a street address.

3) You do business in multiple states. For your company to operate business in states other than your state of formation (home state), you need a registered agent and registered office in each of those states. Through using a registered agent service, one company is handling compliance documentation for you in each state so you can concentrate on your business.

4) Your address changes often. You are required to keep the registered agent’s address updated with the state. Changing this information requires a formal state filing and may also require that a fee be paid. There are penalties for failing to maintain your LLC or corporation address and it can result in large fees because of important documents not being received by the company. It also requires you remember to update the information. By using a registered agent service provider as your registered office, instead of your company’s business address, you never have to worry about this.

5) Your business is home-based. The registered agent address is available on public records, which means anyone can access it. A registered agent service can reduce the amount of unsolicited mail your business gets.

6) You want to maintain privacy. A service of process is often delivered by local law enforcement. Most businesses do not want the police to show up in front of customers, employees, or neighbors (for home-based businesses) and serve them notice that they are being sued. That is where a registered agent service ensures you receive any service of process discreetly.

7) You don't have normal business hours. The registered agent for a business must be available during normal business hours to accept delivery of all documents. If you set your own hours or travel often for business a registered agent service will ensure you never miss any document.

8) You don’t have a permanent work location. If your business requires you to move around frequently for clients and you act as your company’s registered agent, you can miss important documents being delivered. A registered agent service will make sure important documents will reach you wherever you are.

9) Avoid the risk of non-compliance. A registered agent service will help you stay in compliance, avoid unnecessary state penalty fees, and maintain your company's good standing in your state of formation and/or qualification.

One of the key aspects of using a commercial registered agent is the ability to organize documents and deliver them quickly and discretely to small business owners.

Some paperwork that is delivered on behalf of the state is sensitive in nature. For example a small business is served with a lawsuit and does not have a registered agent. This paperwork would then be delivered directly to the business's location instead of the registered agent address. If you have employees or customers, it could negatively impact the way that they view the business because you’ll be served in front of an audience. 

Luckily, commercial registered agent exercise caution when delivering paperwork. They will deliver the materials to the company, carefully organize it in a manner that allows the small business owner to review them privately. This gives small business owners peace of mind in knowing that there are not likely to be any moments where submitted paperwork could embarrass them publicly. 

Should I Assign an Individual as a Registered Agent?

Another option for startups is designating another member of your LLC or corporation as your registered agent. This option is best if you don’t have a street address in the state of your business.

The advantage to having another person act on your behalf as your registered agent is it provides an extra layer of privacy since the registered agent's name and contact information will be made publicly available, not yours. 

By using an individual as your registered agent, you should strongly evaluate the following issues. 

Delayed Delivery - An individual registered agent is not a professional service and the delivery times may be significantly delayed. Delayed deliveries could cause you to incorrectly rush time sensitive legal action and information. You may also miss important legal deadlines.

Trust & Credibility - It is important to trust the individual that you are assigning as your registered agent. The individual you assign as a registered agent must be reliable, available at the location during normal business hours, and have expertise in compliance and legal matters.

Compliance Risks - The individual that you are assigning as your registered agent should be knowledgeable in this area. If they are not experienced in compliance rules and regulations, then inaccurate handling or processing failures are a high risk for your business.

Tracking - The individual you assign as your registered agent should be able to track and notify you when annual reports are due with compliance. If you hire a registered agent service, then your registered agent should have a system in place to track and notify you when annual reports are due to keep your business in compliance with the state, so you don’t have to worry about it.

While it is legally possible to serve as your own registered agent or assign an individual as your registered agent, it is advisable to designate a commercial registered agent service to perform this important role.

For LLCs and corporations, a registered agent service is essential to maintaining good standing and keep your business running without encountering compliance issues.

Compliance requirements can be both time and labor intensive, often requiring the completion of lengthy and sometimes confusing forms using information from various sources. By using a registered agent service for your business, you will be confident that you can avoid risk of non-compliance so you can avoid penalties and fees by the state as well as save time to run your business. 

A registered agent service also provides many benefits of privacy, convenience, and staying on top of all legal and government documentation in a timely manner for your business.

Can I be my own Registered Agent?

If you have a physical address in the state where you form your LLC or corporation, you could name that address as your company’s registered office and yourself. You cannot name your new company as its own registered agent, this is prohibited.

If you choose to be your own company's registered agent, then it is important to be aware that there are a couple states that allow your company to serve as its own registered agent, so it is important to check with the state you are registering in.

The biggest advantage to being your own registered agent is that it is the most convenient. It's also the most cost effective option for startups.

While cost is an advantage, there are larger concerns to consider about being your own registered agent. It is possible for a small business owner to act as a registered agent. However, much like the requirements that come with acting as an registered agent, you need to ask and answer the following questions before deciding if you are ready for the role of acting as your own registered agent.

Lack of Privacy - A problem many startups encounter is that the business has no physical location. Often, startup owners decide to use their home address. By using your home address as your registered agent address, your information will be listed on the Secretary of State website and will be a matter of public record. That means anyone can access your home address and personal information. If you don’t want to list your home address and personal information, hiring a registered agent service will solve this problem. 

Learn How to Maintain Privacy Protection with Your Home Address for Your Business.

Travel & Hours - If you travel frequently, set your own hours, meet clients away from your home, or are not in the location of your business, you are more likely to miss a government issued delivery. It is required that the registered agent be available during normal business hours. You cannot step out for a few hours and miss the possible chance of an important document's delivery. If you cannot receive documents during normal business hours acting as your own registered agent is not for you.

Lack of Expertise - Compliance and legal processes need to be processed and filed accordingly, that takes time that goes into sitting down with the documents, opening them, reviewing them and organizing them. You must treat these documents in a timely manner to ensure that your business does not miss critical deadlines. 

The improper handling or failure to successfully handle the Service of Process can have serious adverse consequences for the business. If this is not your level of expertise, then there is a high risk of falling into bad standing with the state plus penalties and fees. If you know you don't have the bandwidth to sit down and organize documents on your own, it may not be in your best interest to act as an registered agent.

For LLCs and corporations, a registered agent service is essential to maintaining good standing and keep your business running without encountering compliance issues. 

Compliance requirements can be both time and labor intensive, often requiring the completion of lengthy and sometimes confusing forms using information from various sources. By using a registered agent service for your business, you will be confident that you can avoid risk of non-compliance so you can avoid penalties and fees by the state as well as save time to run your business. 

A registered agent service also provides many benefits of privacy, convenience, and staying on top of all legal and government documentation in a timely manner for your business.

Who Can Be Your Registered Agent?

 

There are three options for designating a registered agent for your startup.

Option 1: You can be your company's Registered Agent. There are a couple states that allow your company to serve as its own Registered Agent, but this is the exception to the rule. We recommend you check with the state.

Option 2: A friend or family member can be your company's Registered Agent.

Option 3: You can hire a Commercial Registered Agent for a fee.

There are certain restrictions and conditions to becoming a registered agent for your business. In general, an individual or business can become your registered agent if the following requirements are met:

A registered agent must physically reside in the state of the business.

The registered agent’s address must be a physical street address. PO boxes are not allowed.

The registered agent must be available during normal business hours to receive important state and legal documents.

The name and physical address of the individual is required if the agent is a person.

If the agent is a business, it must be a company registered in the state and is in good standing. In this case, usually the business name or some record ID is required to identify the business as your agent when you file.

What is a "Registered Agent"?

All state-registered business entities, such as LLCs and corporations, are required to have a registered agent in the state where the company is formed or doing business in. In addition, every state requires an LLC or corporation to assign a designated physical street address to the registered agent for state documents.

Requirements vary among the states, but generally registered agents must:

1. Have a physical office in the state where your business is registered.

2. Be available at the physical street address during normal business hours to receive legal documents.

3. There are a couple of options when selecting your registered agent for your startup. In this article, we will help you determine the best registered agent option for you.

What is a Registered Agent?

A registered agent is formally known as a "registered agent for service of process" and may also be known as a resident agent, statutory agent, or agent of record. It acts as an agent to receive legal documents on behalf of the registered business.

These documents may include primary communication, between the business and the state in the form of the following:

Tax-related documents from the IRS, the Franchise Tax Board, and other government tax entities.

Normal corporate filing documents, such as reminders for filing the statement of information and other information sent by the secretary of state.

Notice-of-litigation mail (mail that initiates lawsuits) and legal documents when others want to formally contact you or send you notice.

Failure to have a proper registered agent for your company may result in fines and possible loss of good standing with the state. Therefore, it is important to keep accurate corporate records with the state so you do not miss receiving legal documents. To remain in compliance with state laws, most states require the business to designate a registered agent.

For LLCs and corporations, a registered agent service is essential to maintaining good standing and keep your business running without encountering compliance issues.

Compliance requirements can be both time and labor intensive, often requiring the completion of lengthy and sometimes confusing forms using information from various sources. By using a registered agent service for your business, you will be confident that you can avoid risk of non-compliance so you can avoid penalties and fees by the state as well as save time to run your business.

A registered agent service also provides many benefits of privacy, convenience, and staying on top of all legal and government documentation in a timely manner for your business.

What is an Employer Identification Number (EIN)

 

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number. Generally, businesses need an EIN. You may apply for an EIN in various ways, including online. This is a free IRS service. Check with your state to see if you need a state number or charter.

 
To apply for a federal EIN go to www.irs.gov and type EIN in the search box. The IRS Internet EIN application is the fastest and most accurate way to get an EIN. Once the online application is completed, the information is validated and an EIN is issued immediately. Before applying, make sure you have the information you need by downloading a Form SS-4, Application for Employer Identification Number. It contains all the items that will be requested when you apply for an EIN.

5 Key Steps for New Entrepreneurs

Most businesses start out small. The checklist below provides the basic steps for starting a business after you've decided on it's structure and operating agreement AND register your business. The list is not all inclusive. Your specific type of business could require other steps. 

The Small Business Administration (www.sba.gov), Internal Revenue Service (www.irs.gov), and the organization SCORE (www.score.org) all offer free help to new small business owners with starting a business but this list includes the most important steps a lot of first time entrepreneurs who start business on their own overlook.

1. Consult a tax advisor, even if you are just thinking about starting a business. There are many decisions to make in starting a business such as choosing a business structure, tax year and accounting method.

2. Apply for a federal Employer Identification Number (EIN). You may need it for a variety of reasons, including some that are not tax-related, such as opening a bank account.

3. Keep good business records of income and expenses. Save all receipts.

4. If you plan to have employees, make sure you understand all the requirements and forms that you need to submit when hiring employees. 

3. Pay estimated federal and state taxes four times a year. Your tax advisor can help you determine how much to set aside ahead of time for your payment.

Where to Incorporate Your Business? Delaware vs. Florida

It’s the ultimate LLC showdown: Florida vs. Delaware. Both states have their advantages, but which one is the right choice for your business?

Traditionally, Delaware has been the more popular option when it comes to LLC formation. This is primarily due to its business-friendly laws and no sales tax. Nonetheless, thanks to low filing fees and no state income tax, Florida has proven itself to be a strong contender.

Here’s everything you’ll want to consider before deciding where to incorporate your remote business:

What do Florida and Delaware Have in Common for LLCs

When it comes to LLC formation, all states are not created equal. However, Florida and Delaware LLCs have more in common than you might think!

Both states offer similar benefits for remote businesses looking to incorporate in one of the two locations, including:

• No minimum capital requirements - Neither state requires you to deposit a minimum amount of capital; this means you can get your business up and running in its early stages easier. This not only makes entrepreneurship more attainable, but also serves to encourage growth at all stages of business development.

• Asset protection - 

1. Florida, there are laws in place that prevent judgement creditors from seizing any LLC ownership interests. These include business-related assets, financial accounts, and real estate, so you can rest assured knowing that your possessions like your home will remain safe.
2. Delaware LLCs also make it easy to keep your assets protected. Here, the only way creditors can pursue an LLC member’s ownership (i.e. assets) is through a charging order. A charging order involves a long and complicated process that requires a creditor to file a personal lawsuit against an individual LLC member, request that the court issue a charging order, and present the order to the LLC.

Now that you know what a Delaware and Florida LLC have in common, let’s delve into the differences.

Why Choose a Delaware LLC

Delaware is a desirable state to form an LLC in, and for good reason. Here’s what you can expect when you incorporate your remote business in Delaware:

An extra layer of privacy protection

When you form an LLC, your name and designated business address will be used for a variety of purposes. It’ll be on websites, packaging, client communications, paperwork… the list goes on. However, if you choose your LLC location with intention (read more for the perfect pairing), you can prevent this information from getting into the wrong hands.

The state of Delaware provides LLC owners with exceptional privacy protection. Since you aren’t required to list member names and addresses in your filings, you can essentially run your business anonymously, if you wish to do so. You’ll never have to worry about unsolicited mail, or worse, angry customers showing up at your house demanding refunds or worse stalking you.

Want to take it a step further? Pair your Delaware LLC with a Delaware virtual mailbox (which gets you a US-based commercial business address) to cover all of your bases and ensure your privacy won’t be compromised in any way.

Business-friendly climate

One of the most notable benefits of incorporating your LLC in Delaware is their business-friendly court system. Delaware is home to the Court of Chancery, a reputable, non-trial court that focuses on commercial litigation and real estate matters. Judges who are assigned to this court are experienced in corporate law and small business legal matters. This is a huge benefit for small businesses because it means that any outcomes are decided based on past case law, versus public opinion (which is often clouded by emotions and biases).

No Sales Tax for Your Delaware LLC

The state of Delaware does not require you to pay sales tax (example you won’t have sales tax when purchasing inventory for your ecommerce store), you’ll be able to save more money than had you decided to incorporate in a state that does.

While these benefits may sound appealing, don’t be so quick to discount a Florida LLC; they come with some pretty desirable advantages of their own!

Why Choose a Florida LLC

With a Florida LLC, you can enjoy different benefits and it’ll depend on what you find more valuable. Let’s cover the benefits.

No State Income Tax

Florida LLCs have seen increased demand in recent years because of one major reason: there is no state income tax. This can save your business a large chunk of money in the long run, so it’s a huge benefit for you.

Here’s an example: You own a t-shirt business and expect to sell $50,000 worth of products this calendar year. As a LLC in Florida, you would not be expected to pay taxes on this amount.

Need a Florida business address to take advantage of no state income tax? Grab a VPM Florida virtual mailbox that can be used for your LLC.

Lower filing fees

The state of Florida has lower filing and maintenance fees compared to Delaware ($390 total). For just $125, you can have your LLC up and running in a single afternoon. The other costs you’ll be responsible for are ones associated with filing your annual fees with obtaining a registered agent.

Looking to save more money? Skip paying registered agent fees when you sign up for a VPM virtual mailbox – you’ll get a free registered agent with select mailbox plans! 

Delaware vs. Florida LLCs: Which is Better?

Now that you’ve learned about the benefits of both Florida and Delaware LLCs, it’s time to make a decision for your remote business. Both options offer a wealth of advantages; both are superior in their own ways.

Ready to get your LLC formed in the state of your choosing? Here are all the steps you’ll need to take to get started. Best of luck!

4 Things You Should Know Before Forming an LLC

One of the most important decisions you’ll have to make for your remote business is choosing where to form your LLC. Got Nevada on your mind? You’re not alone. In 2020, over 283,333 small business owners called the state of Nevada home. That’s over 99.2% of Nevada businesses!

You might be excited to hear that Nevada has no corporate income tax. However, unless your LLC is taxed as a C-Corp, this won’t apply to you (which is the case for 99%+ of you reading this). These are the kinds of facts you need to know!

If you’re thinking about forming a Nevada LLC, here are four things you’ll want to consider before you get started.

1. Nevada Offers Your Business Strong Anonymity

Be aware that each state determines their rules and statutes regarding LLCs. Nevada is one of four states (Delaware, Nevada, New Mexico, and Wyoming) that allows you to run an anonymous LLC.

What is an Anonymous LLC

An anonymous LLC is a limited liability company that does not require owners to disclose personal information, such as your name and address.

However, despite the LLC owner maintaining anonymity, the names and addresses of all LLC managers must be disclosed within the Articles of Organization, as well as the annual List of Officers. Both of these documents are on public records that can be obtained by searching through the Nevada Secretary of State website.

An anonymous LLC can protect you and your business from hackers, stalkers, and unwanted mass marketers. But that’s far from being the only advantage!

If you decide to form an anonymous LLC in Nevada, you’ll enjoy the following benefits:

• All of the same perks you would receive with a “regular LLC” - the difference is that you can keep your name and address private as an owner.

• No state income tax (Nevada is one of the 7 states that does not have state income tax)

• Strong corporate veil that protects individuals from liability (you’ll read more on that in section #4)

• It’s important to note that forming an anonymous LLC is not a magic cure-all to all of your business privacy woes. It does not exclude your business from paying taxes, nor does it guarantee full anonymity from your bank, lawsuits, or the IRS.

Why Form an Anonymous LLC

Perhaps you work full-time and don’t want your personal name attached to your side business. Or, maybe you operate out of your home address or a local coworking space and don’t want solicitors (or worse… angry customers, creditors, vendors) calling/texting/showing up at your workspace unannounced. Whether you’re concerned about your safety or just want to maintain your privacy for good measure, there are a number of legitimate reasons to form an anonymous LLC. 

There are certain situations in which your name and address could still be made public. If you want to take your privacy one step further, signing up for a virtual mailbox can add an extra layer of anonymity to your LLC.

Make Sure Your Privacy is Protected 24/7 With a Virtual Mailbox

The best way to protect your privacy when forming your anonymous LLC is by obtaining a virtual mailbox, which provides you with a commercial business address to use for documentation. This way, you’ll never have to worry about your personal information being compromised in the event of a subpoena or lawsuit.

2. Nevada Allows You to Form a Series LLC

A series LLC is a unique type of limited liability company that offers business owners more flexibility than a single-member LLC. If you’re not familiar with the term, a series LLC consists of a “parent” LLC that contains multiple “series” established within the original. Each series operates as if it is a separate entity, meaning it can have its own business name, members, managers, assets, purpose, bank accounts, and records.

Pros of a Series LLC

The most notable benefits of a series LLC include:

Save money on filing fees – Your business will pay just one filing fee, regardless of how many series are operating under the parent LLC.

Protection for each individual series – If one series gets sued, the others won’t be held liable for any debts, obligations, or expenses.

More options – A series LLC offers flexibility when it comes to splitting management and financial decisions, since each series functions independently from one another.

Cons of a Series LLC

There is one major disadvantage that you may want to take into consideration when it comes to a series LLC. Paying state and federal taxes can be tricky, since there are no uniform rules or guidelines laid out. For this reason, you should seek professional tax services.

Why Form a Series LLC

One of the most common reasons business owners decide to form a series LLC is because of the liability protection it offers. It can also save you stress and money in the long run.

Picture this: you are a real estate investor who owns several individual properties. Instead of creating a new LLC for each of your assets, you decide to create a series LLC, with each property under a new series. In the event that one of your properties gets sued, your other series (i.e. properties) will not be liable, and the remainder of your assets will be shielded from any risks. 

You could also form a series LLC to separate subsidiaries within one singular business. For example, you could create a new series for each department, location, product, etc.

3. You’ll Need to Submit (and Pay For) Three Documents

When you form your Nevada LLC, you’ll be responsible for submitting three documents to the Secretary of State: your Articles of Organization ($75), Initial List of Managers or Managing Members ($150), and a State Business License ($200). The total filing fee for all three is $425.

The easiest (and fastest) way to submit these documents is online.

Articles of Organization- Think of your Articles of Organization as your business’s birth certificate. This document will contain basic information related to your LLC.

Initial List of Managers or Managing Members -The Initial List of Managers or Managing Members should contain the name(s) and address(es) of the managers or members of the LLC. You will be required to file this document annually, and it’s due by the last day of the month following your filing of your Articles of Organization.

State Business License -Every business operating out of the state of Nevada is required to obtain a state business license. These are issued by the Secretary of State and must be renewed annually. The easiest way to apply is online, but you can also download the appropriate forms and apply by mail.

Note: You might also need to acquire 1) a local license within the city/county in which you plan to operate and 2) a business permit if you plan to operate within a regulated industry. Application processes will vary depending on your jurisdiction.

4. Don’t Use a PO Box for Your Nevada LLC

There’s one step you’ll want to skip altogether when it comes to forming your Nevada LLC: signing up for a PO box. A PO box is not an acceptable physical address when it comes to forming your LLC. In fact, your paperwork will be rejected if you attempt to use one!

What should you do if you already have a PO box? Sign up for a virtual mailbox, which gets you a US-based business address. Once you’ve done this, you can request to close your PO box.

Ready to Get Your Nevada LLC Up and Running?

In conclusion, a Nevada LLC can offer your remote business a ton of benefits, including anonymity and asset protection. It’s also one of 14 states that allows you to form a series LLC. Perhaps you were thinking of getting a PO box to receive business mail while you run your business from home (or on-the-go), but now you know there’s a much better option available

Basic Business Plan Structures

Your business plan is vital to outline everything you will do and how you will do it.

The format for your business plan is important to consider. There tend to be four categories of business plans: strategic, traditional, lean startup, and feasibility. Choose your format according to what best suits your type of company. 

Strategic Business Plan Format

The strategic business plan format focuses more on higher-level goals rather than detailed methods. It plans how to achieve your goals and is a great asset for communicating the big picture to others. 

Traditional Business Plan Format

This is a comprehensive business plan, covering all the steps, which is good for detail-oriented people. This plan is very useful if you are thinking of asking for funding. 

Lean Startup Format

This format provides a visual picture of facts about your business in the form of charts that cover the main information about your company, including finances, customers, and structure. 

Feasibility Business Plan Format

This business plan seeks to answer whether the company can make a profit and who is going to buy what the company has to offer. 

No matter what type of company, all business plans should cover the following elements:

Executive summary - a quick outline of your company

Company description - details what your company does

Market analysis - where you will use your market research, including some graphs from your quantitative research

Organization and management - the structure of your business

Service or product - what you offer

Marketing and sales - your market and sales strategy

Funding request - how much money you require to conduct your business

Financial projections - detail the current state of finances and add financial projections

Appendix - this is optional to add anything referenced earlier in the plan such as permits, data, or research

Picking Your Business Address and Location

Picking your business address location is a strategic decision. The state, city, and neighborhood you choose to set up your business will determine taxes, permits, licenses, zoning laws, and state and federal regulations. 

Home Address

Using your home address as your business address will work for some types of industries. For example, if you are in a service industry, such as a hairdresser or personal trainer, it may not be feasible to conduct your business from home unless you have a separate space for the business. However, if you’re a freelancer or consultant, it may work well for you to use your home address. I did when I formed my LLC and then decided to add a co-working space to meet with clients and receive mail, packages and faxes. 

Another important aspect to consider about using your home address is that it won’t be able to protect your privacy. If you care about protecting your personal information, a home address is not the best business address option. 

PO Box

You can rent a PO box in 3 easy steps. Before signing up, there are 5 reasons for renting a PO box you might consider. It is an option if you’re concerned about your home address being made public. However, if you run an LLC, corporation, or partnership, a PO box is not accepted. 

Commercial Business Address

You can use a commercial business address to register your LLC or corporation. The requirement is a real street address, not a PO box. 

You can use these options for your commercial business address: 

Virtual Mailbox - This gives you a real business address to receive mail and packages. When you receive mail, it is scanned and sent to you digitally. You’ll get real-time notifications when it is processed in your online mailbox. Then, you log in and decide whether to forward, recycle, or trash the mail.

Coworking Spaces - These are shared spaces in an office building used by individuals or a team. They provide access to amenities such as meeting rooms, open collaboration spaces, work desks, and more space than your home, but without the corporate atmosphere of a traditional office.

Private Mailbox - These are rented mailboxes from a Postal Annex, UPS Store, PostNet, or located somewhere in a retail center. Your mailbox will be linked to that address, so it still provides you with a physical address.

Commercial Office - Commercial property can be land, property, or facilities that are either zoned for or used exclusively for business purposes.

Virtual Office/Business Centers - A virtual office gives businesses a physical address and office-related services without the overhead of a long-term building lease and administrative staff.

Think about your choices carefully before deciding. 

Overcoming First Time Entrepreneur Fear

Starting a business can feel a lot like diving off a bridge towards a small body of water, plummeting for a heart-stopping eternity, and hoping feverishly until the last second that your aim is true.

I mention this particular analogy because most never actually take that dive. What if I miss? Will I be successful? Due to that fear, you stay where you’re safe and lie to yourself that you didn’t really want to make the dive in the first place.

Fear is the destroyer of dreams, and if you let it control you, then you’ll never reach your full potential. If you intend to become an entrepreneur and take control of your personal and professional destiny, it is essential that you find a way to overcome the fear that strikes every first-time entrepreneur. Of course, that’s easier said than done. In this post, we’re going to look at four key tips for facing that fear and moving ahead.

Tip #1: Break Your Process Down into Manageable Steps

The first thing you need to know is that the diving analogy is fundamentally flawed. The reasons vary, but the biggest one is that you don’t veer uncontrollably from the first step to the final destination (whether it’s success or failure). Rather, you move horizontally.

You have a long way to go and a huge amount of work to do, but you can backtrack. You do not need to do it all in one fell swoop. Take your time, going from one step to another only when you’re ready.

By learning as much as you can about the entrepreneurial process and figuring out the intricacies of each unique challenge you’ll face along your journey, you can massively boost your confidence to take the dive.

There are countless resources that provide all the insight you need, packaged in various ways for ease of consumption. Here are three big categories:

Blog posts: The web is packed with exceptional blogs providing great insight into the entrepreneurial process. Take HubSpot, for example: its blog has an unmatched reputation for offering finely-honed guides on topics pertaining to business, entrepreneurship, financial management, training, and a myriad of other topics relevant to running a business. Simply search for the niche topic that interests you and you’re sure to find an article to point you in the right direction.

Video guides: If you’d rather watch videos than read articles, this is a great option. YouTube is flush with entrepreneurial guides from people who’ve been there and done that, and it can be extremely reassuring to hear them talk. Two areas that are particularly useful are motivation (overcoming your fears, setting goals, etc.) and sales (choosing products, targeting an audience, etc.).

Podcasts: Not a fan of reading articles or watching videos? Podcasts are great because you can listen to them and absorb valuable information while doing other things. One idea is to find podcasts from people who’ve been in your position before. How did they achieve their goals? What mistakes were made along the way? The more you hear about paths already traveled, the easier you’ll find it to navigate your own.

Tip #2: Set A Budget That You Can Afford To Lose

Feeling like you’re putting everything on the line is pretty daunting when you’re trying to start a business because it magnifies the pressure on you. You simply can’t afford for things not to work out. You have one shot ー miss it, and you’ll have no choice but to return to a life of conventional employment, minimal creativity, and never being your own boss. How is anyone supposed to perform well in those conditions? Even a seasoned professional would struggle.

Instead of going all-in, you should pointedly set a budget that you can afford to lose in its entirety. If your startup crashes immediately and you can’t recover any of the money you put in, you shouldn’t face any financial trouble. Ideally, you should still have some savings to support your next business venture.

Keep in mind that this isn’t just about regular operational costs: it’s also about your initial costs to some extent. What equipment do you need for your new business? What will make you maximally efficient? A new desk? A coffee machine? A couple of external displays for your laptop, and maybe even a hard drive docking station to neaten things up? 

Your loaction is a key considerations that go into the decision-making process: decide if you'll be working from home, frequently traveling, or in a co-working space and how that will affect the kind of equipment you need and the amount you'll have to spend.

Before you invest in something, then, think about whether you really need it for your business, and whether you can afford to leave it for a later date. In all likelihood, you can give it time.

Tip #3: Outsource Everything Except For Your Core Tasks

Part of the intimidation factor of entrepreneurship is simply the amount of work required for a startup. You need a brand, complete with a full set of thought-out brand guidelines. You have to build a high-quality website. You need rigorous financial management. You have to come up with a compelling value proposition to make you competitive. Your content marketing strategy needs to garner traffic and earn the trust of your target audience.

That’s a lot of work for one person, which is why the solopreneur life is exhausting. Don’t take that approach. However, don’t hire full-time staff yet either because that will only heap more pressure on you. Being responsible for the well-being of others will lead to major feelings of guilt if you can’t deliver success. So what should you do? 

*SPOILER ALERT* If you read the subheading, you already know the answer. You should outsource everything except for your core tasks.

Outsource your brand design. Outsource your financial management. Outsource your content marketing. Outsource your mail management. This will add to your expenses, yes, but it’s a worthwhile investment because it will give you more time to focus on the things you’re best positioned to handle.

Tip #4: Know That You Can Adapt As You Go

When you settle on your first business plan, there’s early value in viewing it as a fixed sequence of events. This can give you focus and clarity, helping you stay on track instead of being lured into working on things that don’t really matter and seeing your progress suffer as a result. But even the best plans need contingencies and alternatives — and your first business plan is highly unlikely to be anything special in the grand scheme of things.

It isn’t that you’re incompetent or lacking in talent: it’s simply that you don’t have the experience to know what will work in practice, not just in theory. Due to this, you have to remember that you don’t need to get things right the first time, and small-scale failure won’t require you to abandon your business entirely. Instead, you can adapt to the circumstances you encounter.

You might benefit from pivoting a central element to adopt a different approach, for instance. The more time you put into research, the more you’ll learn about what your target audience really wants, and you can reap the benefits through making updates. In short, the business you end up with won’t necessarily be the one you planned or anticipated, and that’s alright. Don’t worry about your ideal plan. Just get started and stay on your toes.

Let’s Recap

In this post, we’ve covered the following tips that will help you succeed:

• Work in manageable chunks. Something that initially seems intimidating (or even impossible) seems so much simpler when you break it up into smaller pieces.

• Keep money in reserve. If you protect your savings and only invest a small amount, you can take risks knowing that you can bounce back from failure.

• Focus on what you’re good at. Don’t drive yourself to frustration by trying to do everything yourself. Play to your strengths. This will increase your comfort.

• Remember that you’ll learn. You don’t need to know everything now. You don’t even need to know much. Just be ready to learn as you go.

There’s nothing bad or shameful about being afraid. It’s how you respond to that fear that will define your entrepreneurial career. Denying it or shying away from it will only make it worse. It’s only through accepting it and facing it that you can eventually overcome it.

Advantages and Pitfalls of Credit Counseling

Credit counseling services receive a lot of mixed reviews. 

There are many reputable services, but there are also credit counseling companies with horrible reputations. Credit counseling is now required before filing for bankruptcy. 

If you want help with your debt, you must be aware of the advantages and disadvantages of using a credit counseling company.

Positive Features of Credit Counseling 

• They tend to have more clout with creditors. Some creditors are more willing to negotiate pay-offs and payment plans with credit counselors. You might get a better deal and more breathing room with a credit counseling service. 

• It’s possible to consolidate your payments. Many firms will consolidate your payments into one payment each month. You’ll be making a payment to the counseling company. Understand that the credit counseling firm must then make all the individual payments for you.

•  It can be easier to get new credit. As part of your credit counseling, it’s common for new credit to be secured for you. They’ll go out and work to have your credit applications approved.

• An end to the harassment. When you’re put on a repayment plan, the debt collectors will leave you alone. Remember that you can do this yourself by simply making a request in writing.

A reputable and honest credit counseling service can be helpful. There are many potential advantages to utilizing the expert assistance they can provide. But there are also several possible negative consequences.
 

Pitfalls of Credit Counseling

• They might not actually pay your bills. There are many complaints every year of credit counseling companies taking your money and then failing to make the agreed-upon payments to your creditors.

• They often over-promise. Just like any other company vying for your dollars, sometimes the marketing is a little too good to be true. After the counseling company takes their cut, you might not be any better off.

• It can possibly make your credit worse. There is one tactic commonly employed that can have a negative impact on your credit score. The credit counselor may advise you to stop paying on your debt and instead put the payments into an account. Once a large enough lump sum has been accumulated, the counselor would then approach your creditors with offers to pay off the debt at a reduced amount.

During this process your credit will suffer due to the non-payment.

The account used to store the money is under the control of the counseling firm. Do you trust them? The potential pitfalls are serious. It’s very important to do the necessary legwork to locate a reputable credit counseling service.
 
Many consumers believe that a service with non-profit status must be reputable. Understand that being non-profit is primarily about not showing a profit at the end of the year. Paying bonuses and higher salaries can accomplish this feat.
 
Ideally, you’ll be able to find a counseling service in your state that you can visit in person. Checking with your state Attorney General is an effective way to see if any complaints or legal action have taken place. Doing an online search is also likely to turn up any negative reviews or complaints.
 
Inquire about the services offered and the fees. Ask how the employees are paid. Are they compensated more for signing you up for certain services? Get everything in writing. Verbal promises are likely to be conveniently forgotten.
 
Credit counseling can be beneficial or counterproductive to your goals of reducing and eliminating your debt. Find a reputable credit-counseling firm by doing the necessary research. Be sure your financial situation will move in a positive direction.

I put in the work and worked on my personal credit repair and my family's credit repair myself after we struggled financially during my eldest daughters cancer treatment. I didn't think I could do it myself but I had already experienced paying someone else to do it for me with no results a few years prior so I figured I would at least try and if it didn't work at least I didn't pay a scammer to do nothing for me. 

I used   my Econ's MyCreditSystem and I am really happy I did. I was so impressed with my results that I joined them as an independent agent. You can check out how that program works clicking on this link ---- myCredit System - myEcon